Stocks Notch Another Gain

A strong surge by
International Business Machines
lifted the Dow Jones Industrial Average to its ninth gain in 10 sessions, as investors cheered a temporary reprieve in Washington's fiscal debate.

International Business Machines lifted the Dow Jones Industrial Average towards its ninth gain in 10 sessions, as investors cheered a temporary reprieve in Washington's fiscal debate. Alexandra Scaggs has details on The News Hub. Photo: AP.

ENLARGE

The Dow tacked on 67.12 points, or 0.49%, to 13779.33, with almost all of those gains coming from IBM. The blue-chip technology giant pushed the price-weighted index up 65.39 points alone, though weakness among other stocks limited the day's advance. The Dow has risen in nine of the past 10 days, and now is at its highest level since December 2007.

IBM led the tech rally, rising $8.64, or 4.4%, to $204.72 after the blue-chip giant reported fourth-quarter earnings and revenue that exceeded analyst expectations and provided a 2013 earnings outlook that was above current projections.

Apple
gained 9.24, or 1.8%, to 514.01 ahead of its fiscal first-quarter results. In after-hours trading, Apple gave back those gains and more, slumping 10% after offering sales guidance that disappointed investors.

The market also was cheered by a vote in the House of Representatives to suspend the U.S. debt ceiling through May 19, a move that will allow the U.S. to keep paying its bills and give lawmakers breathing room for long-term budget talks.

Weighing on the market were materials, energy and utilities stocks.

The Stoxx Europe 600 inched up 0.2%, as gains in Germany and U.K. markets were offset by weakness in France and Spain.

Japan's Nikkei Stock Average tumbled 2.1% to its lowest level since Dec. 28 as investors continued to express disappointment over the Bank of Japan's new stimulus measures. China's Shanghai Composite gained 0.3% and Australia's S&P ASX 200 added 0.2%.

Crude-oil futures fell 1.5% to $95.23 a barrel, while gold futures edged down 0.4% to $1,686.30 per troy ounce. The dollar was flat against the euro and the yen. Treasurys rose, sending the yield on the benchmark 10-year Treasury note down to 1.835%.

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